January Case-Shiller Forecast: Expect Recent Acceleration in Home Price Growth to Continue
The acceleration in annual home price appreciation experienced in December in all three major Case-Shiller indices is expected to continue into January, according to Zillow’s January Case-Shiller forecast.
December Case-Shiller: Home Price Appreciation Accelerates Across the Board
As expected, annual appreciation in all three main Case-Shiller home price indices accelerated in December, with the U.S. national index climbing at a pace not seen in two and a half years. Home prices as measured by Case-Shiller rose year-over-year in all 20 principal markets covered by the indices.
Rapid Reaction: January New Home Sales
Sales of newly built homes rose 3.7 percent in January from a weak December and 5.5 percent year-over-year, to 555,000 (SAAR), according to the Census Bureau's January new home sales data. Data from prior months, notably October and November, was revised downward.
January 2017 Market Report: The Rest Overtake the West
In January, U.S. median home value growth continued to accelerate year-over-year, the 22 month out of the past 23 in which annual growth was similar to or faster than the prior month. But while the national trend has remained roughly the same for two years, a slowdown in growth in a handful of pricey West Coast markets, particularly in California, has opened the door for more affordable markets in the South to top the list of the nation’s fastest-growing metros.
Rapid Reaction: January Existing Home Sales
January existing home sales data showed sales rising 3.3 percent from December, to 5.69 million (SAAR), the strongest month since February 2007 and the fourth month in the past five in which existing sales have outperformed expectations.
Q4 2016 Housing Affordability: Accelerating Home Values, Rising Rates Cause Rapid Deterioration
Rising mortgage interest rates and continued home value growth helped make mortgages less affordable by the end of 2016 than they’ve been in half a decade. And while mortgages remain “affordable” relative to historic norms, as growth in housing costs continues to outpace growth in wages, affordability should be expected to continue to rapidly deteriorate.
Experts: 2017 Looks to be the Year in Which Rising Mortgage Rates Finally Impact Home Value Growth
For years, falling interest rates have been a boon to the U.S. housing market, keeping monthly mortgage payments low for first-time buyers and move-up buyers alike, even as home values rose. But in 2017, rising mortgage interest rates will have the opposite effect and are set to have a larger impact than any other housing trend this year, according to the Q1 2017 Zillow Home Price Expectations survey (ZHPE).
Rapid Reaction: January Jobs Report
The U.S. economy added 227,000 jobs in January, and the unemployment rate rose slightly to 4.8 percent as more people entered the labor force, according to the January jobs report published by the Bureau of Labor Statistics.
December Case-Shiller Forecast: Monthly Growth Expected to Cool, Annual Acceleration to Continue
Seasonally adjusted monthly growth in the S&P Corelogic Case-Shiller home price indices is expected to cool off from its currently torrid pace in December, while annual growth continues to accelerate, according to Zillow’s December Case-Shiller forecast.
November Case-Shiller: Defying Expectations, Home Price Growth Continues to Speed Up
National home price growth accelerated in November, exceeding expectations, as robust home buyer demand and inadequate supply of homes for sale continued to drive the market up, according to the November S&P Corelogic Case-Shiller indices.
